For the second consecutive month, Fannie Mae’s Home Purchase Sentiment Index, a composite index designed to track consumers’ desire to sell or buy a home, gained 3.5 points in September to 81.
Compared to this time last year, the HPSI is down 10.5 points, but has recovered more than half of its early pandemic-period decline when April’s HPSI hit its lowest reading since November 2011.
August’s HPSI survey revealed both a confident seller’s and buyer’s market, however, Fannie Mae reported September buyers showing more hesitancy. Despite real estate agents reporting record numbers, buyer morale fell 5% with 54% of respondents saying it is a good time to buy a home. Those who believe it is a bad time increased to 38%.
With the market heading into fall, sellers, on the other hand, proved more resilient as the percentage of respondents who said it was a good time to sell a home gained 8% to 56% in September.
